VPC vs. PEX
VPC (Virtus Private Credit ETF) and PEX (ProShares Global Listed Private Equity ETF) are both exchange-traded funds - VPC is a Nontraditional Bonds fund tracking the Indxx Private Credit Index, while PEX is a Financials Equities fund tracking the LPX Direct Listed Private Equity Index. Both are passively managed. Over the past 5 years, VPC returned 0.37%/yr vs -0.97%/yr for PEX. A 0.75 correlation means they provide meaningful diversification when combined. VPC charges 0.75%/yr vs 3.13%/yr for PEX.
Performance
VPC vs. PEX - Performance Comparison
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Returns By Period
The year-to-date returns for both investments are quite close, with VPC having a -13.15% return and PEX slightly higher at -13.10%.
VPC
- 1D
- -1.45%
- 1M
- -4.16%
- YTD
- -13.15%
- 6M
- -11.96%
- 1Y
- -16.89%
- 3Y*
- 1.05%
- 5Y*
- 0.37%
- 10Y*
- —
PEX
- 1D
- -1.14%
- 1M
- -1.25%
- YTD
- -13.10%
- 6M
- -12.03%
- 1Y
- -14.11%
- 3Y*
- 3.98%
- 5Y*
- -0.97%
- 10Y*
- 4.70%
VPC vs. PEX - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | |
|---|---|---|---|---|---|---|---|---|
VPC Virtus Private Credit ETF | -13.15% | -6.75% | 10.52% | 22.20% | -11.70% | 34.18% | -9.50% | 9.25% |
PEX ProShares Global Listed Private Equity ETF | -13.10% | 0.21% | 13.05% | 23.11% | -25.98% | 28.34% | -1.14% | 14.81% |
Correlation
The correlation between VPC and PEX is 0.76, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.76 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.74 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.75 |
Correlation (All Time) Calculated using the full available price history since Feb 8, 2019 | 0.75 |
The correlation between VPC and PEX has been stable across timeframes, ranging from 0.74 to 0.76 - a consistent structural relationship.
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Return for Risk
VPC vs. PEX — Risk / Return Rank
VPC
PEX
VPC vs. PEX - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Virtus Private Credit ETF (VPC) and ProShares Global Listed Private Equity ETF (PEX). Risk-adjusted metrics are performance indicators that assess an investment's returns in relation to its risk, enabling a more accurate comparison of different investment options.
Values are calculated on a 1-year rolling basis and updated daily. Risk-adjusted metrics are more stable over longer periods — use the period switch above to explore them.
| VPC | PEX | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.37 | ||
| Sortino ratioReturn per unit of downside risk | -0.55 | ||
| Omega ratioGain probability vs. loss probability | 0.81 | 0.87 | -0.06 |
| Calmar ratioReturn relative to maximum drawdown | -0.74 | -0.57 | -0.17 |
| Martin ratioReturn relative to average drawdown | -1.39 | -1.09 | -0.31 |
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Drawdowns
VPC vs. PEX - Drawdown Comparison
The maximum VPC drawdown since its inception was -53.45%, which is greater than PEX's maximum drawdown of -49.17%. Use the drawdown chart below to compare losses from any high point for VPC and PEX.
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Drawdown Indicators
| VPC | PEX | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -53.45% | -49.17% | -4.28% |
Max Drawdown (1Y)Largest decline over 1 year | -22.76% | -24.72% | +1.96% |
Max Drawdown (3Y)Largest decline over 3 years | -24.86% | -24.72% | -0.14% |
Max Drawdown (5Y)Largest decline over 5 years | -24.86% | -36.58% | +11.72% |
Max Drawdown (10Y)Largest decline over 10 years | — | -49.17% | — |
Current DrawdownCurrent decline from peak | -23.08% | -21.46% | -1.62% |
Average DrawdownAverage peak-to-trough decline | -7.75% | -8.25% | +0.50% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 12.13% | 12.99% | -0.86% |
Volatility
VPC vs. PEX - Volatility Comparison
The current volatility for Virtus Private Credit ETF (VPC) is 4.15%, while ProShares Global Listed Private Equity ETF (PEX) has a volatility of 5.24%. This indicates that VPC experiences smaller price fluctuations and is considered to be less risky than PEX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| VPC | PEX | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 4.15% | 5.24% | -1.09% |
Volatility (6M)Calculated over the trailing 6-month period | 11.25% | 13.46% | -2.21% |
Volatility (1Y)Calculated over the trailing 1-year period | 13.52% | 15.95% | -2.43% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 13.56% | 17.99% | -4.43% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 20.52% | 19.44% | +1.08% |
VPC vs. PEX - Expense Ratio Comparison
VPC has a 0.75% expense ratio, which is lower than PEX's 3.13% expense ratio.
Dividends
VPC vs. PEX - Dividend Comparison
VPC's dividend yield for the trailing twelve months is around 16.77%, more than PEX's 12.91% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
PEX ProShares Global Listed Private Equity ETF | 12.91% | 12.80% | 14.11% | 13.02% | 1.77% | 13.64% | 5.52% | 7.94% | 4.72% | 24.26% | 3.24% | 12.50% |
VPC Virtus Private Credit ETF | 16.77% | 14.33% | 11.26% | 11.71% | 10.74% | 6.31% | 10.06% | 8.19% | 0.00% | 0.00% | 0.00% | 0.00% |
Frequently Asked Questions
VPC and PEX have a correlation of 0.76, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
PEX has higher volatility (5.24%) compared to VPC (4.15%). In terms of maximum drawdown, VPC dropped -53.45% vs PEX's -49.17%.
On 5-year performance, VPC leads with 0.37% vs -0.97% for PEX. On fees, VPC is cheaper at 0.75% per year. On volatility, VPC has been the lower-risk option at 4.15%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 5-year period, VPC has performed better with a 0.37% return vs -0.97%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
VPC is cheaper with a 0.75% expense ratio, compared with 3.13% for PEX.
VPC has the higher dividend yield at 16.77%, compared with 12.91% for PEX.
VPC is categorized as Nontraditional Bonds, while PEX is Financials Equities. VPC tracks Indxx Private Credit Index, while PEX tracks LPX Direct Listed Private Equity Index. They also come from different issuers: Virtus Investment Partners and ProShares. Their fees differ too: 0.75% for VPC and 3.13% for PEX.
PEX currently has the higher Sharpe Ratio (-0.89 vs -1.26), meaning it's delivered slightly more return per unit of risk over the trailing 12 months. However, this ranking shifts over time - use the Risk/Return Score above for a more comprehensive view that combines Sharpe, Sortino, and other measures used by quantitative funds.
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